Parker Norfolk & Partners gets £3 million investment boost

Lloyd’s of London registered subsidiary picks up significant funding

Parker Norfolk & Partners gets £3 million investment boost

Insurance News

By Paul Lucas

In an effort to make a serious impact in the insurance broking arena, Maven Capital Partners has poured a significant investment into Altra Consultants Limited – to the tune of £3 million.

The funding is meant to boost the growth of Altra’s Lloyd’s of London registered insurance broking subsidiary Parker Norfolk & Partners Ltd (PNP). Altra has already received FCA approval and intends to use PNP’s Lloyd’s offering to help deliver a mixture of direct sales to corporate entities and wholesale insurance from other brokers.

“We are excited to have secured Maven’s confidence and investment, an important capital injection that will enable us to grow at speed,” said Alan Wallace, CEO at Altra. “As our industry changes and innovates, we look forward to recruiting talented individuals to our firm and working with Maven to deliver our projected growth plans.”

According to a release, Altra will offer structured trade credit insurance broker services – considered the shareholders’ main area of expertise – and will also look to recruit market leading individuals and teams from a variety of insurance disciplines to grow its business.

“Maven’s investment in Altra is an opportunity to back a highly experienced leadership team with a strong track record of having previously built a specialist insurance broking business from start up to successful exit,” added Julie Glenny, investment director at Maven. “Current market conditions provide compelling support of Alan and Tracey’s strategy, with the prevalence of consolidation activity in the Lloyds market presenting opportunity to select a number of key senior executives and teams to join the Altra team and drive their growth aspirations.”


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